Boyd Gaming is one of the biggest and most profitable casino operators in the United States. Unfortunately, this company has been seeing steady drops in its gaming earnings for almost an entire year. This week, Boyd Gaming’s revenue reports for last year were finally released.
Not many are surprised to see where the company’s financial figures stand. Just about every single major casino company across the US has seen large revenue dips lately. Today, we’ll discuss how much Boyd managed to generate throughout 2020.
Let’s get into it!
Are US Casino Destinations Finally Seeing a Comeback?
Since March of 2020, nearly every single industry that relies on tourism has been struggling. That includes the casino industry. Places like Las Vegas and Atlantic City immediately saw an almost 100% drop in gaming revenue after the casino shutdowns that month.
Casinos started reopening over the summer. Some were then forced to close again as the winter months approached. Meanwhile, the companies that operate these casinos have been doing their best to increase revenue while cutting down on costs.
There has been a serious debate over when major US casino hubs will see a true comeback. Some felt that with effective vaccine distribution, this could take place by the summertime. Others believed it would be years before places such as Las Vegas saw 2019-level revenue figures.
There are some promising signs at the moment. The country’s infection numbers seem to be dropping. Vaccines are being more widely distributed and many states are now choosing to lift their heavy restrictions.
Nevada even seems ready to enter a new phase of health regulations. Governor Sisolak recently announced he will begin increasing indoor capacity limits if case numbers continue to drop. That could help to significantly boost tourism into Las Vegas.
Casino companies are cautiously optimistic. Recently, many have begun releasing their revenue figures for last year. That includes the Nevada-based Boyd Gaming Corporation.
Here’s a Look at Boyd Gaming’s Revenue Reports
Boyd Gaming is one of the country’s biggest casino companies. It was founded in 1975 in Las Vegas Nevada. Over the past few decades, this company has expanded significantly around the United States and now operates a huge number of popular gambling properties.
Obviously, this company experienced a huge revenue drop immediately after the casino shutdowns in March. These revenue declines continued throughout the entire year. This week, we finally saw exactly how much money this company made in 2020.
Boyd Gaming’s revenue reports are officially out. It has been revealed that Boyd earned just $2.18 billion in 2020. That is a staggering drop from the $3.33 billion earned in 2019. The company’s total Adjusted EBITDAR for 2020 was $609.9 million.
Quarter four of 2020 proved to be extremely difficult. These revenue reports show that Boyd Gaming earned $635.9 million throughout October, November, and December. This is another large drop from the $833.1 million earned over the same months in 2019.
Analysts predicted that Boyd Gaming would see a significant drop in its overall revenue figures. Some were surprised to see exactly how large of a dip this ended up being. There is reason to be optimistic about the company’s prospects in 2021, though.
Places like Las Vegas seem to be getting more visitors lately. That, in turn, will lead to more gaming revenue. We’ll continue offering more updates on the revenue figures over the next few months!
Boyd Gaming Announces New Cashless Gaming Wallet
Casino companies around the US have been doing everything they can to make things safer for their guests and employees. It’s been a struggle keeping up with regulations. One of the ways to achieve this goal is cutting down on players sharing casino chips and cash.
This week, Boyd Gaming revealed a brand-new cashless gaming wallet. This new wallet, called BoydPay, will now become available at many of Boyd Gaming’s properties including one in Las Vegas. It can be used to play or cash out on slot games.
Officials within Boyd claim this will soon become available at all of the company’s properties. Blake Rampmaier, Boyd Gaming’s senior vice president, spoke about this new system to the media this week.
“BoydPay is all about enhancing the guest experience,” he said. “Through our innovative partnership with Aristocrat, we will create a unique and seamless payment experience for Boyd Gaming customers, allowing them to use their smartphones to play casino games, cash out, and pay for restaurant meals, show tickets or hotel rooms.”
Several other major casino companies are working to launch cashless gaming systems this year, too. It’s a growing trend amongst players, particularly during these times. It will be interesting to see if this helps to boost visitation rates at Las Vegas casinos.
Are you surprised at Boyd Gaming’s revenue reports? How do you think the company will fare in 2021? Let us know in the comments section below.